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ZH

Zhihu
ZH

48 hedge funds and large institutions have $34.6M invested in Zhihu in 2026 Q1 according to their latest regulatory filings, with 8 funds opening new positions, 17 increasing their positions, 15 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

205% more call options, than puts

Call options by funds: $128K | Put options by funds: $42K

13% more repeat investments, than reductions

Existing positions increased: 17 | Existing positions reduced: 15

3.06% less ownership

Funds ownership: 17.51% → 14.45% (-3.1%)

8% less funds holding

Funds holding: 52 → 48 (-4)

27% less first-time investments, than exits

New positions opened: 8 | Existing positions closed: 11

29% less capital invested

Capital invested by funds: $48.8M → $34.6M (-$14.2M)

Holders
48
Holders Change
-4
Holders Change %
-7.69%
% of All Funds
0.59%
Holding in Top 10
1
Holding in Top 10 Change
+1
Holding in Top 10 Change %
% of All Funds
0.01%
New
8
Increased
17
Reduced
15
Closed
11
Calls
$128K
Puts
$42K
Net Calls
+$86K
Net Calls Change
-$120K

Top Buyers

1
FBIL
First Beijing Investment Ltd
Hong Kong
+$1.86M
2
Goldman Sachs
Goldman Sachs
New York
+$1.16M
3
Jane Street
Jane Street
New York
+$656K
4
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
+$618K
5
Dodge & Cox
Dodge & Cox
California
+$547K

Top Sellers

1
MICM
Matthews International Capital Management
California
-$7.78M
2
Arrowstreet Capital
Arrowstreet Capital
Massachusetts
-$1.18M
3
State Street
State Street
Massachusetts
-$933K
4
Morgan Stanley
Morgan Stanley
New York
-$339K
5
California Public Employees Retirement System
California Public Employees Retirement System
California
-$237K
Name Holding Trade Value Shares
Change 		Change in
Stake
Ameriprise
26
Ameriprise
Minnesota
$180K -$118 -35 -0.1%
DT
27
Diversified Trust
Tennessee
$125K – – –
Citadel Advisors
28
Citadel Advisors
Florida
$118K +$140K +41,384 New
Nomura Holdings
29
Nomura Holdings
Japan
$98.2K – – –
Invesco
30
Invesco
Georgia
$86.3K -$2.85K -844 -3%
HF
31
HRT Financial
New York
$68K +$81.5K +24,144 New
Marshall Wace
32
Marshall Wace
United Kingdom
$54.4K -$41K -12,148 -39%
PFSRSONJ
33
Police & Firemen's Retirement System of New Jersey
New Jersey
$44.8K +$53.2K +15,762 New
Two Sigma Investments
34
Two Sigma Investments
New York
$40.8K -$2.47K -732 -5%
Susquehanna International Group
35
Susquehanna International Group
Pennsylvania
$39K -$5.05K -1,495 -10%
Ohio Public Employees Retirement System (OPERS)
36
Ohio Public Employees Retirement System (OPERS)
Ohio
$9.61K – – –
OBC
37
Oakum Bay Capital
Connecticut
$6.89K – – –
RhumbLine Advisers
38
RhumbLine Advisers
Massachusetts
$5.23K -$2.53K -750 -29%
Citigroup
39
Citigroup
New York
$3.48K -$116K -34,233 -97%
TRCT
40
Tower Research Capital (TRC)
New York
$2.36K +$1.64K +485 +140%
Simplex Trading
41
Simplex Trading
Illinois
$641 -$35.5K -10,502 -98%
PNC Financial Services Group
42
PNC Financial Services Group
Pennsylvania
$361 +$47 +14 +12%
SS
43
SBI Securities
Japan
$298 – – –
Osaic Holdings
44
Osaic Holdings
Arizona
$142 +$169 +50 New
BlackRock
45
BlackRock
New York
$6 -$118K -35,070 -100%
CIAM
46
Caitong International Asset Management
Hong Kong
$6 +$7 +2 New
MICM
47
Matthews International Capital Management
California
– -$7.78M -2,371,187 Closed
Norges Bank
48
Norges Bank
Norway
– -$802K -244,633 Closed
California Public Employees Retirement System
49
California Public Employees Retirement System
California
– -$237K -72,139 Closed
GCP
50
GSA Capital Partners
United Kingdom
– -$147K -44,878 Closed
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ZH Hedge Fund Activity: Q1 2026 in Review

48 of the 8,126 institutional investors tracked by Wall St. Rank reported a position in Zhihu (ZH) for Q1 2026, worth a combined $34.6M — down 29% from $48.8M a quarter earlier.

Sellers outnumbered buyers: 11 funds closed out of ZH and 8 opened new positions — a net loss of 3 holders — while 15 trimmed existing stakes and 17 added.

The largest buyer was First Beijing Investment Ltd, opening a new position worth an estimated $1.86M. The largest seller was Matthews International Capital Management, exiting entirely with an estimated $7.78M sold.

  • 48 institutional investors held Zhihu (ZH) as of Q1 2026, down from 52 in Q4 2025.
  • Funds reported $34.6M of Zhihu stock for Q1 2026, down 29% quarter-over-quarter.
  • 8 funds opened new Zhihu positions in Q1 2026 and 11 closed out, a net change of -3 holders.
  • The largest Zhihu buyer in Q1 2026 was First Beijing Investment Ltd, an estimated $1.86M added.
  • The largest Zhihu seller in Q1 2026 was Matthews International Capital Management, an estimated $7.78M sold.

Based on aggregated 13F filings for Q1 2026.